Economic Development 101

What is Economic Development?

  • Investing in our communities, workforce and infrastructure
  • Attracting new opportunities and growing local business
  • Generating positive impacts for municipalities and families

How Does Genesee County Do Economic Development?

  • Investing in infrastructure and pre-project permitting
  • Investing in our youth with training programs and facilities
  • Supporting businesses expanding and locating in Genesee County

What are Incentives?

  • Incentives are benefits provided to qualifying economic development projects
  • Incentives are available for new developments and expansions of existing developments
  • These are abatements – NOT giving the company cash

How are Incentives Awarded?

  • After applying for incentives, a project is reviewed over two public meetings, a public hearing, and additional due diligence before approval.
  • The project must also have received SEQR (State Environmental Quality Review) approval before approval
  • Incentives are provided as abatements – NOT giving the company cash

Economic Development In Action

 

 

 

 

 

 

 

 

  • In Bergen’s Apple Tree Acres, Oxbo is building a new facility to be their US Headquarters
  • This investment grows Oxbo’s local workforce by 60 new careers
  • A FAST-NY award is improving the Village of Bergen’s electrical system to support Oxbo and future projects at Apple Tree Acres

What is a PILOT?

  • A PILOT (Payment in Lieu of Taxes) is a contract that enables a tax-exempt project to contribute funding to local services
  • The standard PILOT in Genesee County provides an average savings of 60% over 10 years
  • After a PILOT is completed, the project continues to contribute funding through property taxes

How does a PILOT work?

  • PILOTs only apply to the increased assessed value generated by the project
  • PILOT payments are applied by municipalities to lower the overall tax rate
  • PILOT payments are made annually to Genesee County and the project’s school district and municipality

Who Benefits from PILOTs?

  • In 2023, projects with an active PILOT generated $3.1 million in revenues to Genesee County, our municipalities, and our schools
  • In 2023, projects with a completed PILOT generated an additional $3.5 million in revenues to Genesee County, our municipalities, and our schools
  • In 2024, projects pledged over $1 billion in investment, the creation or retention of 600+ jobs, and had an estimated economic impact of over $200 million

Economic Development In Action

 

 

 

 

 

 

 

 

  • In Batavia, MedTech Landing is building 80 units of market-rate apartments
  • This investment addresses Genesee County’s housing needs
  • The project supports the Batavia Home Fund, which provides grants for housing improvements in the City and Town of Batavia  

How are Incentives Applications Judged?

  • Applications are evaluated through the UTEP (Universal Tax Exemption Policy)
  • The GCEDC’s UTEP has six criteria, including creating or retain quality, good paying jobs; enhancing the long-term tax base; and having a meaningful and positive impact
  • Each of the UTEP criteria is reviewed before project approval

What is a Mortgage Tax Exemption?

  • A Mortgage Tax Exemption provides an abatement of 1% of the 1.25% mortgage recording tax
  • Mortgage Tax Exemptions are only applied if a project is taking out a mortgage loan
  • This is an abatement – NOT giving the company cash

What is a Sales Tax Exemption?

  • A Sales Tax Exemption provides an abatement of the 4% local and 4% state sales tax
  • Sales Tax Exemptions are only applied to the purchase of building materials, furniture, fixtures, and sales taxable equipment
  • This is an abatement – NOT giving the company cash

Would Projects Happen Without Incentives?

  • Without incentives, a project may move forward, but be delayed or scaled down, producing less new jobs and investment
  • Without incentives, a company may cancel a project or build in another state, producing no new jobs or investment
  • Without these projects, communities don’t receive the positive impacts generated by incentives

Economic Development In Action

 

 

 

 

 

 

 

 

  • In Alabama’s Science & Technology Advanced Manufacturing Park, Edwards Vacuum is building a semiconductor dry pump manufacturing facility
  • Edwards Vacuum is actively hiring for new careers in Genesee County with the goal of adding 280 professionals at STAMP
  • Edwards Vacuum is building an all-electric facility that significantly reduces the use of carbon in the semiconductor industry’s supply chain